3M paid Boeing CEO $13 million after he left

By RACHEL LAYNE, BLOOMBERG NEWS

Updated
10:00 pm PST, Friday, March 10, 2006

3M Co., maker of more than 50,000 products ranging from Scotch tape to cancer drugs, said it paid former Chief Executive James McNerney a $13.4 million package last year before he left to lead The Boeing Co.

McNerney, 56, also was awarded $28.8 million in salary, bonus and restricted shares for his work at Boeing in 2005, the Chicago-based company said this week. Boeing is the world's No. 2 maker of commercial jets.

3M paid McNerney $856,729 in salary, $1.73 million in bonus and $5.29 million in performance-linked shares.

He also got $4.94 million in options, and realized $32.4 million from exercising 3M options, the company said in a filing Friday with the Securities and Exchange Commission.

Boeing paid him $25.3 million in restricted stock to replace money he would have earned at 3M.